LAWDO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 9 filings
Turnover
≈ €350,000
Estimated: probably between €180,000 and €480,000
Total assets
€87,383▼ 17.5%
2024 · €105,980
Net result
-€19,309▲ 60.1%
2024 · -€48,344
Working capital
-€41,789▼ 118%
2024 · -€19,191
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€12,838
▲ 71.6%
2025
20182025
Net result
-€19,309
▲ 60.1%
2025
lowest quarter of the sector
20182025
Equity
-€41,983
▼ 85.2%
2025
lowest quarter of the sector
20182025
Total assets
€87,383
▼ 17.5%
2025
middle half of the sector
20182025
Debt
€129,367
▲ 0.6%
2025
20182025
Working capital
-€41,789
▼ 118%
2025
lowest quarter of the sector
20182025
Solvency
-48.0%
▼ 26.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.62
▼ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-22.1%
▲ 23.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
9.3
▲ 5.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€7,136--€3,820▲ 46.5%-€24,263▼ 535%€42,295€7,043▼ 83.3%-€4,995-€45,178▼ 804%-€12,838▲ 71.6%
Net result-€7,395--€6,120▲ 17.2%-€23,627below the sector's middle half▼ 286%€40,252above the sector's middle half€4,525within the sector's middle half▼ 88.8%-€4,667below the sector's middle half-€48,344below the sector's middle half▼ 936%-€19,309below the sector's middle half▲ 60.1%
Equity€16,106-€9,986▼ 38.0%-€13,641below the sector's middle half€26,611within the sector's middle half€30,336within the sector's middle half▲ 14.0%€25,670within the sector's middle half▼ 15.4%-€22,675below the sector's middle half-€41,983below the sector's middle half▼ 85.2%
Total assets€62,979-€72,106▲ 14.5%€74,388within the sector's middle half▲ 3.2%€83,102within the sector's middle half▲ 11.7%€92,360within the sector's middle half▲ 11.1%€85,304within the sector's middle half▼ 7.6%€105,980within the sector's middle half▲ 24.2%€87,383within the sector's middle half▼ 17.5%
Debt€46,873-€62,120▲ 32.5%€88,029▲ 41.7%€56,491▼ 35.8%€62,024▲ 9.8%€59,634▼ 3.9%€128,654▲ 116%€129,367▲ 0.6%
Working capital€5,181--€2,811-€28,078below the sector's middle half▼ 899%€12,251within the sector's middle half€22,049within the sector's middle half▲ 80.0%€20,458within the sector's middle half▼ 7.2%-€19,191below the sector's middle half-€41,789below the sector's middle half▼ 118%
Solvency25.6%-13.8%▼ 11.7pp-18.3%below the sector's middle half▼ 32.2pp32.0%within the sector's middle half▲ 50.4pp32.8%within the sector's middle half▲ 0.8pp30.1%within the sector's middle half▼ 2.8pp-21.4%below the sector's middle half▼ 51.5pp-48.0%below the sector's middle half▼ 26.6pp
Current ratio1.17-0.94▼ 0.230.66below the sector's middle half▼ 0.291.23within the sector's middle half▲ 0.571.41within the sector's middle half▲ 0.191.40within the sector's middle half▼ 0.010.81below the sector's middle half▼ 0.590.62below the sector's middle half▼ 0.19
Return on assets (ROA)-11.7%--8.5%▲ 3.3pp-31.8%below the sector's middle half▼ 23.3pp48.4%above the sector's middle half▲ 80.2pp4.9%within the sector's middle half▼ 43.5pp-5.5%below the sector's middle half▼ 10.4pp-45.6%below the sector's middle half▼ 40.1pp-22.1%below the sector's middle half▲ 23.5pp
Staff (FTE)2.48.8▲ 267%9.3▲ 5.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €12,838, smaller than the loss of €45,178 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €87,383
Fixed assets
€19,916 ▼ 18.2%
Current assets
€67,467 ▼ 17.3%
Equity and liabilities
Equity-€41,983
Debt€129,367
Equity is negative. Debt (€129,367) exceeds the balance-sheet total (€87,383).
Key figures and ratios
EBITDA
-€8,397▲
2024 · -€40,707
Cash flow
-€14,868▲
2024 · -€43,873
Quick ratio
0.28▼
2024 · 0.28
Interest coverage
-1.26▲
2024 · -12.55
Debt ≤ 1 year
€109,257▲
2024 · €100,814
Debt > 1 year
€20,110▼
2024 · €27,840
Staff costs
€80,474▲
2024 · €79,970
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 9 | 6 |
| part-time | 2 | 3 | 9 | 6 |
| in full-time equivalents | 0.7 | 1.2 | 2.4 | 2 |
| Average over the year, in full-time equivalents | - | 1 | 2.9 | 3.2 |
| On a permanent contract | - | - | 1 | - |
| Joined | 41 | 35 | 63 | 59 |
| Left | 40 | 34 | 57 | 62 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €715 | - | €795 | €1,377 | - |
| Intangible fixed assets | - | €3,533 | - | - | - |
| Financial fixed assets | - | - | - | €13,500 | - |
| Depreciation and write-downs of the year | €3,643 | €3,595 | €4,019 | €4,471 | €4,441 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €878 | €3,303 | - | - | €307 | - |
| Remuneration, social security and pensions62 | - | - | - | €4,528 | €15,323 | €35,093 | €79,970 | €80,474 | ▲ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,204 | €4,476 | €3,988 | €3,643 | €3,595 | €4,019 | €4,471 | €4,441 | ▼ 0.7% |
| Other operating charges640/8 | - | - | - | €80 | €170 | €170 | €724 | - | - |
| Non-recurring operating charges66A | - | - | - | - | - | €85 | - | - | - |
| Gross operating margin9900 | -€2,625 | €3,254 | -€17,777 | €50,545 | €26,131 | €34,371 | €39,986 | €72,077 | ▲ 80.3% |
| Operating profit (loss)9901 | -€7,136 | -€3,820 | -€24,263 | €42,295 | €7,043 | -€4,995 | -€45,178 | -€12,838 | ▲ 71.6% |
| Financial income75/76B | - | - | - | €45 | €153 | €2,175 | €78 | €170 | ▲ 118% |
| Recurring financial income75 | €650 | €134 | €2,611 | €45 | €153 | €2,175 | €78 | €170 | ▲ 118% |
| Financial charges65/66B | - | - | - | €2,088 | €2,671 | €1,846 | €3,244 | €6,642 | ▲ 105% |
| Recurring financial charges65 | €909 | €2,435 | €1,975 | €2,088 | €2,671 | €1,846 | €3,244 | €6,642 | ▲ 105% |
| Profit (loss) for the period before taxes9903 | -€7,395 | -€6,120 | -€23,627 | €40,252 | €4,525 | -€4,667 | -€48,344 | -€19,309 | ▲ 60.1% |
| Profit (loss) for the period9904 | -€7,395 | -€6,120 | -€23,627 | €40,252 | €4,525 | -€4,667 | -€48,344 | -€19,309 | ▲ 60.1% |
| Profit (loss) for the period to be appropriated9905 | -€7,395 | -€6,120 | -€23,627 | €40,252 | €4,525 | -€4,667 | -€48,344 | -€19,309 | ▲ 60.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €62,979 | €72,106 | €74,388 | €83,102 | €92,360 | €85,304 | €105,980 | €87,383 | ▼ 17.5% |
| Formation expenses20 | €758 | €542 | €325 | €108 | - | - | - | - | - |
| Fixed assets21/28 | €27,052 | €23,611 | €19,839 | €17,128 | €17,175 | €13,951 | €24,357 | €19,916 | ▼ 18.2% |
| Intangible fixed assets21 | €1,465 | €488 | - | - | €3,295 | €2,588 | €1,882 | €1,175 | ▼ 37.6% |
| Tangible fixed assets22/27 | €25,587 | €23,122 | €19,839 | €17,128 | €13,880 | €11,363 | €8,975 | €5,241 | ▼ 41.6% |
| Furniture and vehicles24 | - | - | - | €572 | €334 | €827 | €1,449 | €725 | ▼ 50.0% |
| Other tangible fixed assets26 | - | - | - | €16,556 | €13,546 | €10,536 | €7,526 | €4,515 | ▼ 40.0% |
| Financial fixed assets28 | - | - | - | - | - | - | €13,500 | €13,500 | = |
| Current assets29/58 | €35,169 | €47,954 | €54,224 | €65,865 | €75,186 | €71,353 | €81,623 | €67,467 | ▼ 17.3% |
| Stocks and contracts in progress3 | €14,758 | €31,629 | €20,056 | €31,209 | €41,443 | €37,773 | €52,953 | €37,367 | ▼ 29.4% |
| Stocks30/36 | - | - | - | €31,209 | €41,443 | €37,773 | €52,953 | €37,367 | ▼ 29.4% |
| Amounts receivable within one year40/41 | - | €6,396 | €2,040 | €3,034 | €3,400 | €4,711 | €70 | €558 | ▲ 700% |
| Trade receivables40 | - | - | - | €3,034 | €3,400 | €4,711 | €70 | €558 | ▲ 700% |
| Cash at bank and in hand54/58 | €17,561 | €6,019 | €29,485 | €27,572 | €26,281 | €24,788 | €22,059 | €22,494 | ▲ 2.0% |
| Deferred charges and accrued income490/1 | - | - | - | €4,051 | €4,062 | €4,080 | €6,541 | €7,048 | ▲ 7.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €62,979 | €72,106 | €74,388 | €83,102 | €92,360 | €85,304 | €105,980 | €87,383 | ▼ 17.5% |
| Equity10/15 | €16,106 | €9,986 | -€13,641 | €26,611 | €30,336 | €25,670 | -€22,675 | -€41,983 | ▼ 85.2% |
| Contributions10/11 | €25,500 | €25,500 | - | €25,500 | €25,500 | €25,500 | €25,500 | €25,500 | = |
| Profit (loss) carried forward14 | -€9,394 | -€15,514 | -€39,141 | €1,111 | €4,836 | €170 | -€48,175 | -€67,483 | ▼ 40.1% |
| Amounts payable17/49 | €46,873 | €62,120 | €88,029 | €56,491 | €62,024 | €59,634 | €128,654 | €129,367 | ▲ 0.6% |
| Amounts payable after more than one year17 | €16,885 | €11,355 | €5,727 | €2,876 | €8,887 | €6,512 | €27,840 | €20,110 | ▼ 27.8% |
| Financial debts170/4 | - | - | - | €2,876 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | €8,887 | €6,512 | €27,840 | €20,110 | ▼ 27.8% |
| Amounts payable within one year42/48 | €29,988 | €50,765 | €82,302 | €53,615 | €53,137 | €50,895 | €100,814 | €109,257 | ▲ 8.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,653 | €5,674 | €2,376 | €6,577 | €7,731 | ▲ 17.5% |
| Trade debts44 | €8,916 | €24,874 | €44,911 | €11,706 | €17,563 | €16,387 | €43,171 | €27,271 | ▼ 36.8% |
| Suppliers440/4 | - | - | - | €11,706 | €17,563 | €16,387 | €43,171 | €27,271 | ▼ 36.8% |
| Advances received on contracts in progress46 | - | - | - | €1,539 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €7,017 | €8,574 | €14,654 | €18,348 | €21,826 | ▲ 19.0% |
| Taxes450/3 | - | - | - | €5,807 | €5,987 | €9,193 | €6,491 | €9,395 | ▲ 44.7% |
| Remuneration and social security454/9 | - | - | - | €1,210 | €2,587 | €5,462 | €11,857 | €12,432 | ▲ 4.8% |
| Other amounts payable47/48 | - | - | - | €27,700 | €21,327 | €17,478 | €32,718 | €52,429 | ▲ 60.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,228 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,395 | -€6,120 | -€23,627 | €40,252 | €4,525 | -€4,667 | -€48,344 | -€19,309 | ▲ 60.1% |
| + Depreciation and write-downs630 | €4,204 | €4,476 | €3,988 | €3,643 | €3,595 | €4,019 | €4,471 | €4,441 | ▼ 0.7% |
| Operating cash flow (approximation) | -€3,192 | -€1,644 | -€19,639 | €43,895 | €8,120 | -€648 | -€43,873 | -€14,868 | ▲ 66.1% |
| Investment in fixed assets (approximation) | - | -€1,035 | -€217 | -€931 | -€3,641 | -€795 | -€14,877 | €0 | - |
| Change in cash | - | -€11,543 | €23,466 | -€1,913 | -€1,292 | -€1,492 | -€2,729 | €435 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,008 companies had the same profile as LAWDO has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LAWDO itself: 1.6% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,008 companies, not a prediction for LAWDO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00219961 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00321381 | |
| 31-12-2023 | micro format | 20-07-2024 | 2024-00281389 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00272134 | |
| 31-12-2021 | micro format | 30-07-2022 | 2022-20251790 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59700547 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48900051 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59500467 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-35600026 |